Motion Ventures has launched a US$100 million fund focused on maritime technology, marking the largest initiative of its kind in the industry.

The Singapore-based venture firm announced the establishment of Motion Ventures Fund II on Mar. 18.

The fund plans to invest between US$250,000 and US$10 million in at least 25 companies over the next 18 to 24 months.

It will target startups that provide solutions aimed at digitalization and decarbonization within the global maritime supply chain.

Motion Ventures reported that it has already secured more than half of its funding target for Fund II.

Additionally, the new fund signifies a change in investment strategy, now including support for asset-intensive hardware solutions alongside software.

Since its inception, Motion Ventures has made over 30 investments across its two funds.